Will Ethereum Name Service Become a Potential Competitor of DNS?

Ethereum Name Service

Ethereum Name ServiceLet’s know why is Ethereum Name Service’s popularity raising more than Domain Name System?

A crypto wallet user still can’t send or receive digital assets by simply typing in another user’s name. This practice might change though thanks to the rise of ENS. It stands for Ethereum Name Service is a distributed, open, and extensible naming system based on the Ethereum blockchain. ENS is a protocol that links machine-generated codes to human-friendly names like ‘alice.eth’ to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata.

DNS servers translate domain names into IP addresses, it stands for Domain Name System, making it possible for DNS clients to reach the origin server. Humans access information online through domain names, like nytimes.com or espn.com. A primary DNS server is the first touchpoint for a browser asking where to find a site. ENS process has many similarities to the DNS system we use for the internet. Both the DNS and the ENS are protocols that can handle human interactions with web2 and web3.

 

The importance of ENS:

Currently, there are more than one million active ENS domains, and thousands of new domains are being registered through the platform daily. The ENS leverages its native cryptocurrency to at least partially fulfill its goal of making crypto wallet addresses easier to remember. ENS tokens can be exchanged for other cryptocurrencies and even U.S. dollars. Owners of ENS can connect all their crypto wallets under one single ENS domain and receive NFTs.

Using ENS, users can purchase and manage domain names for their websites, wallets, NFTs, and many other digital assets. It is managed by ENS DAO. ENS Domains hold the promise of a much easier link between you and your customers, business partners, etc., on the Ethereum blockchain. ENS has emerged as the go-to choice for thousands of Decentralized App users and it empowers users with a tool that can unify their online presence and help them step into the realm of web3. ENS can easily interact with other smart contracts and applications built on Ethereum.

 

The rising popularity of ENS over DNS:

2022 has already been a wild year for the ENS community. ENS has similar goals to DNS, but its architecture is significantly different due to the Ethereum blockchain’s capabilities and constraints. ENS, the system’s own cryptocurrency, is currently only utilized for governance. The fact that the ENS token quickly reached an all-time high demonstrates the intrinsic volatility of the cryptocurrency market more than DNSs.

Present days new domains were registered on ENS than DNS. And you can get a DNS domain that you already own to be supported on ENS. ENS doesn’t have the security problems that a DNS system has. Both domain’s creator or owner has control over the top-level domain as well as any subdomains. There are thousands of attacks on DNSs and internet providers every year. ENS names have become a status symbol.  It now has a market cap of $310.57 million, making it the 157th most valuable cryptocurrency.

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